New Home Prices Rise in Augusta According to Newest Figures, Sales Decline
Posted on: Apr 06, 2014 07:02:58 AM
Closings of new homes fell year-over-year in January in the Augusta, GA market, and the percentage fall was steeper than December 2013, suggesting the market may be worsening. New home closings saw a drop of 16.5% from the year earlier to 86. This followed a 11.4% fall year-over-year in December.
A total of 1,616 new homes were sold during the 12 months that ended in January, down from 1,633 for the year that ended in December.
Out of all housing closings, new home closings made up 15.2%. This is down from the 18.4% of closings a year earlier. Closings of new and existing homes increased year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
In January, there was a 8.6% rise year-over-year in the average price of newly sold homes, reaching $219,685 per unit. This bump is higher than the 1.4% lift in December year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In January 2014, average mortgage size rose 4.9% from a year earlier to $199,082. In December 2013, average mortgage size on newly sold homes saw a 5.2% gain year-over-year from a year earlier.